SUNSHINE HOLDINGS PLC

Annual Report 2021/22

Financial Reports

STATEMENT OF FINANCIAL POSITION

Group Company
As at 31 March Note 2022 Rs. 2021 Rs. 2022 Rs. 2021 Restated* Rs. 2021 Previously reported** Rs.
Assets
Property, plant and equipment 19 4,787,019,935 4,794,110,834 13,663,640 33,067,152 33,067,152
Intangible assets 20 385,928,439 249,057,345 25,028,235 7,555,660 7,555,660
Leasehold land 21 235,995,000 238,853,000
Biological assets 22 3,675,946,000 3,492,193,000
Investment property 23 1,030,093,525 769,499,144
Investments in subsidiaries 24 3,210,053,985 3,399,509,135 3,767,962,237
Equity-accounted investee 25 1,292,006 1,292,007 1,292,007
Other investments 26 741,513,041 1,004,330,898 669,200,042 647,177,898 647,177,898
Deferred tax assets 27 59,582,503 42,611,982 59,506,672 43,064,185 42,536,150
Goodwill on acquisition 24.7 1,526,648,376 1,576,648,378
Non-current assets 12,442,726,819 12,168,596,587 3,977,452,574 4,131,666,037 4,499,591,104
Biological assets 22 71,671,000 52,688,000
Inventories 28 6,483,619,355 5,145,162,996
Other investments 26 717,726,603 335,364,187 202,812,603 222,469,740 222,469,740
Current tax assets 29 56,763,982 29,585,672 14,318,672 14,318,672 14,318,672
Trade and other receivables 30 6,105,636,443 4,848,691,358 136,729,581 72,577,780 70,396,643
Amounts due from
related parties
31 10,655,319 475,000 242,331,065 335,115,034 223,215,489
Cash and cash equivalents 32 3,264,723,523 2,520,552,239 1,208,295,019 1,410,309,394 1,281,865,256
Assets held for sale 42 1,781,889,421 487,208,241
Current assets 16,710,796,225 14,714,408,873 1,804,486,940 2,541,998,861 1,812,265,800
Total assets 29,153,523,044 26,883,005,460 5,781,939,514 6,673,664,898 6,311,856,904
Equity
Stated capital 33 1,641,715,247 1,641,715,247 1,641,715,247 1,641,715,247 1,641,715,247
Reserves 33 274,560,725 339,686,250 266,257,122 331,382,645 331,382,645
Retained earnings 11,061,418,417 8,551,561,683 3,694,810,277 3,495,157,198 3,141,800,110
Equity attributable to
owners of the Company
12,977,694,389 10,532,963,180 5,602,782,646 5,468,255,090 5,114,898,002
Non-controlling interests 33 5,450,236,264 4,808,856,243
Total equity 18,427,930,653 15,341,819,423 5,602,782,646 5,468,255,090 5,114,898,002
Liabilities
Loans and borrowings 34 1,663,343,846 1,968,834,746
Employee benefits 35 615,771,635 713,774,478 113,135,769 106,078,437 103,878,290
Contingent consideration 24.4.b.i 78,026,414
Deferred income and
capital grants
36 41,442,000 91,996,000
Deferred tax liabilities 27 501,523,157 632,277,792
Non-current liabilities 2,826,317,338 3,484,909,430 113,135,769 106,078,437 103,878,290
Trade and other payables 37 5,633,690,534 3,775,377,119 38,787,181 30,031,456 24,974,054
Amounts due to
related parties
38 57,537,862 12,802,099 8,398
Current tax liabilities 29 295,699,941 354,693,979 27,225,520 61,292,441 60,099,084
Loans and borrowings 34 994,833,215 2,184,694,049 1,006,808,533 1,006,808,533
Bank overdraft 32 917,513,501 872,203,730 1,198,941 1,198,941
Liabilities directly associated with assets held for sale 42 856,505,631
Current liabilities 7,899,275,053 8,056,276,607 66,021,099 1,099,331,371 1,093,080,612
Total liabilities 10,725,592,391 11,541,186,037 179,156,869 1,205,409,808 1,196,958,902
Total equity and liabilities 29,153,523,044 26,883,005,460 5,781,939,514 6,673,664,898 6,311,856,904
Net assets per share*** 28.93 23.48 12.49 12.19 11.40

* The balances presented represent the restated balances for the year ended 31 March 2021 to reflect the adjustments made as if the amalgamation between the Company and Sunshine Energy (Pvt) Limited, took place on 1 April 2020. Refer Note 46.

** The balances presented represent the balances as reported in the Audited Financial Statements for the year ended 31 March 2021. These balances are presented for the purposes of comparability.

*** Number of shares increased from 149,554,103 to 448,662,309 shares due to share split.

Figures in brackets indicate deductions.

The Notes to the Financial Statements on pages 65 to 179 are integral part of these Consolidated Financial Statements.

It is certified that the Financial Statements have been prepared in compliance with the requirements of the Companies Act No. 07 of 2007.

Aruna Deepthikumara
Group Chief Financial Officer

The Board of Directors is responsible for the preparation and presentation of these Financial Statements.

Approved and signed for and on behalf of the Board,

   
A Cabraal
Chairman
V Govindasamy
Group Managing Director

27 May 2022
Colombo

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